Insider Selling: Snowflake Inc. (NYSE:SNOW) CRO Sells 12,782 Shares of Stock

Snowflake Inc. (NYSE:SNOW - Get Free Report) CRO Christopher William Degnan sold 12,782 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $156.56, for a total transaction of $2,001,149.92. Following the transaction, the executive now owns 354,954 shares in the company, valued at approximately $55,571,598.24. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Snowflake Price Performance

NYSE:SNOW traded up $1.55 during trading hours on Friday, hitting $159.32. The company's stock had a trading volume of 3,647,284 shares, compared to its average volume of 6,370,508. Snowflake Inc. has a twelve month low of $138.40 and a twelve month high of $237.72. The stock has a fifty day simple moving average of $164.60 and a 200-day simple moving average of $178.82. The company has a market capitalization of $53.24 billion, a P/E ratio of -62.20 and a beta of 0.90.

Snowflake (NYSE:SNOW - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.49) by $0.05. The business had revenue of $774.70 million during the quarter, compared to analysts' expectations of $759.86 million. Snowflake had a negative net margin of 29.79% and a negative return on equity of 13.79%. On average, equities analysts predict that Snowflake Inc. will post -1.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Snowflake

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Chevy Chase Trust Holdings LLC grew its position in shares of Snowflake by 116.3% during the 1st quarter. Chevy Chase Trust Holdings LLC now owns 384,190 shares of the company's stock worth $62,085,000 after buying an additional 206,589 shares during the period. Jennison Associates LLC increased its position in Snowflake by 3.7% in the 1st quarter. Jennison Associates LLC now owns 7,008,464 shares of the company's stock valued at $1,132,568,000 after buying an additional 249,249 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Snowflake by 164.6% in the 1st quarter. Daiwa Securities Group Inc. now owns 664,898 shares of the company's stock valued at $107,448,000 after buying an additional 413,600 shares in the last quarter. Pittenger & Anderson Inc. boosted its holdings in Snowflake by 28.9% in the first quarter. Pittenger & Anderson Inc. now owns 3,603 shares of the company's stock worth $582,000 after acquiring an additional 808 shares in the last quarter. Finally, Quent Capital LLC grew its stake in Snowflake by 15.6% in the first quarter. Quent Capital LLC now owns 943 shares of the company's stock valued at $152,000 after acquiring an additional 127 shares during the period. 65.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SNOW has been the subject of a number of analyst reports. Mizuho reaffirmed a "buy" rating and issued a $205.00 price target (down previously from $255.00) on shares of Snowflake in a research report on Thursday, February 29th. KeyCorp started coverage on Snowflake in a research report on Thursday, April 11th. They set an "overweight" rating and a $185.00 price objective for the company. Citigroup lowered their target price on Snowflake from $290.00 to $240.00 and set a "buy" rating on the stock in a report on Monday, March 4th. Monness Crespi & Hardt upgraded Snowflake from a "sell" rating to a "neutral" rating in a report on Monday, March 18th. Finally, Macquarie upgraded shares of Snowflake from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $182.00 to $205.00 in a research note on Thursday, February 29th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, Snowflake currently has an average rating of "Moderate Buy" and an average target price of $202.77.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.

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